Shutterstock (NYSE:SSTK) Earns Hold Rating from Analysts at StockNews.com

StockNews.com assumed coverage on shares of Shutterstock (NYSE:SSTK) in a research report released on Wednesday morning. The brokerage issued a hold rating on the business services provider’s stock.

Other analysts also recently issued research reports about the company. Needham & Company LLC cut their price target on Shutterstock from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Finally, Truist Financial reduced their price objective on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Shutterstock has an average rating of “Hold” and an average target price of $50.33.

Shutterstock Stock Down 3.7 %

Shares of NYSE:SSTK opened at $25.33 on Wednesday. The firm has a market capitalization of $883.11 million, a P/E ratio of 24.84 and a beta of 1.08. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. The stock has a 50 day moving average price of $29.96 and a 200-day moving average price of $32.00. Shutterstock has a 52-week low of $25.13 and a 52-week high of $54.40.

Shutterstock Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, March 6th. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 5.21%. Shutterstock’s payout ratio is currently 117.65%.

Hedge Funds Weigh In On Shutterstock

Institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its position in Shutterstock by 11,862.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 114,241 shares of the business services provider’s stock valued at $4,041,000 after acquiring an additional 113,286 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Shutterstock during the 3rd quarter valued at about $2,018,000. Rice Hall James & Associates LLC lifted its stake in shares of Shutterstock by 40.7% in the 3rd quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock worth $18,724,000 after purchasing an additional 153,154 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Shutterstock by 97.3% in the third quarter. Janney Montgomery Scott LLC now owns 26,536 shares of the business services provider’s stock worth $939,000 after buying an additional 13,088 shares during the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in Shutterstock by 110.7% during the third quarter. Harbor Capital Advisors Inc. now owns 34,588 shares of the business services provider’s stock valued at $1,223,000 after buying an additional 18,174 shares during the period. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

About Shutterstock

Shutterstock, Inc provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects in HD and 4K formats that are integrated into websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage.